Venezuela sets flexible tax rates for oil projects
The Venezuelan government will set royalty and tax rates for private and foreign investors in oil and gas projects on a project-by-project basis.
The law establishes a royalty cap of 30% and a new maximum integrated hydrocarbons tax of 15%.
The Ministry of Hydrocarbons will review each operating company’s business plan to determine the specific tax and royalty rates, ending decades of state monopoly by allowing private companies to obtain licenses for heavy crude oil processing, refining and international trading.